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Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
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Name : |
XIAOMILI MANUFACTURING & TRADING CO. LTD. |
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Registered Office : |
c/o Startupr Hong Kong Ltd. Room 805-807, 8/F., Yuen Long Commercial Centre, 24 Kau Yuk Road, Yuen Long, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.02.2014 |
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Com. Reg. No.: |
62707917 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a furniture trader |
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No. of Employees : |
No employees in Hong Kong |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy,
highly dependent on international trade and finance - the value of goods and
services trade, including the sizable share of re-exports, is about four times
GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on
only four commodities, whether imported or produced locally: hard alcohol,
tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping
laws. Hong Kong's open economy left it exposed to the global economic slowdown
that began in 2008. Although increasing integration with China, through trade,
tourism, and financial links, helped it to make an initial recovery more
quickly than many observers anticipated, its continued reliance on foreign
trade and investment leaves it vulnerable to renewed global financial market
volatility or a slowdown in the global economy. The Hong Kong government is
promoting the Special Administrative Region (SAR) as the site for Chinese
renminbi (RMB) internationalization. Hong Kong residents are allowed to
establish RMB-denominated savings accounts; RMB-denominated corporate and
Chinese government bonds have been issued in Hong Kong; and RMB trade
settlement is allowed. The territory far exceeded the RMB conversion quota set
by Beijing for trade settlements in 2010 due to the growth of earnings from
exports to the mainland. RMB deposits grew to roughly 12% of total system
deposits in Hong Kong by the end of 2013. The government is pursuing efforts to
introduce additional use of RMB in Hong Kong financial markets and is seeking to
expand the RMB quota. The mainland has long been Hong Kong's largest trading
partner, accounting for about half of Hong Kong's total trade by value. Hong
Kong's natural resources are limited, and food and raw materials must be
imported. As a result of China's easing of travel restrictions, the number of
mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9
million in 2012, outnumbering visitors from all other countries combined. Hong
Kong has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2012 mainland Chinese companies constituted about
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% of the Exchange's market capitalization. During the past decade, as
Hong Kong's manufacturing industry moved to the mainland, its service industry
has grown rapidly. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. Lower and middle income segments of the population are
increasingly unable to afford adequate housing. Hong Kong continues to link its
currency closely to the US dollar, maintaining an arrangement established in
1983. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
XIAOMILI
MANUFACTURING & TRADING CO. LTD.
Registered
Office:-
c/o Startupr Hong Kong Ltd.
Room 805-807, 8/F., Yuen Long Commercial Centre, 24 Kau Yuk Road, Yuen
Long, New Territories, Hong Kong.
62707917
2033529
1st February, 2014.
Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00
each)
Issued Share Capital: HK$1,000.00
(As per registry dated 01-02-2014)
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Name |
|
No. of shares |
|
Rajat LUNIAL |
|
1,000 ==== |
(As per registry dated 01-02-2014)
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Name (Nationality) |
Address |
|
Rajat LUNIAL |
House No. 2A-1A-B-P NIT, Faridabad, Haryana 121001, India. |
(As per registry dated 01-02-2014)
|
Name |
Address |
Co. No. |
|
Startupr Hong Kong Ltd. |
Room 805-807, 8/F., Yuen Long Commercial Centre, 24 Kau Yuk Road, Yuen
Long, New Territories, Hong Kong. |
1614230 |
Xiaomili Manufacturing & Trading Co. Ltd. was incorporated on
1st February, 2014 as a private limited liability company under the
Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at ‘Room 805-807, 8/F., Yuen Long Commercial Centre, 24
Kau Yuk Road, Yuen Long, New Territories, Hong Kong” known as
“Startupr Hong Kong Ltd.” which is handling its correspondences and
documents. This firm is also the
corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has just
issued 1,000 ordinary shares of HK$1.00 which is owned by Mr. Rajat Lunial who
is an Indian. He is an India passport
holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the
subject. Currently he is residing in
Faridabad, Haryana, India.
The subject’s lines of business are unknown since the secretarial firm
also knows nothing about its business.
The director of the subject cannot be reached as he is in India.
According to our secondary source, there is a company known as Amit
Furniture which is located at “House No. 2A-1A-B-P NIT, Faridabad, Haryana
121001, India” where is the registered address of Rajat Lunial. It is likely that the subject is also a
furniture trader. Commodities are
sourced from China and the other Asian countries. Prime markets is India. Amit Furniture is owned and operated by Rajat
Lunial.
It is also likely that the India firm deals with foreign parties under
the name of the subject and let foreign firms correspond with the subject’s
registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over three
months.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared by
: |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.